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Republican congressman Tom Cotton, a candidate for U.S. Senate, raised more money in the last quarter of 2013 than his Democratic opponent, incumbent Mark Pryor. The Hill reports that Cotton, a first-term House member, raised $1.2 million dollars at the end of last year, compared to Pryor's $1.1 million.

Pryor, however, still has much more money in the bank for his reelection effort, with $4.2 million compared to Cotton's $2.3 million. Both candidates have been spending, too. "While both hauled in big sums, neither candidate did much to increase their money in the bank, a sign of how expensive the race has already become," writes the Hill's Cameron Joseph. "Cotton added approximately $300,000 to his warchest, while Pryor's total actually dipped by about $200,000 in that period. Both candidates have already been on television with ads."

Outside groups are also airing ads in what may be the most hotly contested race of the 2014 cycle. The latest comes from Concerned Veterans for America, which bought more than $650,000 in air time in Arkansas TV and radio markets to praise Cotton's opposition to a budget deal that the groups says would "cut pensions for military retirees." Watch the ad below: